Those in their 20s think they’ll get married and have their first child six months earlier than their parents did, according to the study from credit scoring site ClearScore.

But it found a shift in financial attitudes between generations with 50% of young people saying they’ll use some form of loan to fund their wedding and one in five putting the big day on a credit card.

By contrast, just 18% of ‘baby boomers’ – those born post-World War II – paid for their wedding with a loan.

Four in 10 people in their 20s use credit to help cover the costs associated with their first child; 49% do so to move out of their parents’ home and 43% of first solo holidays are paid for with credit.

Their parents had a very different experience with just 13% using credit when they had their first child; 18% leaving home using credit and 17% taking their first holiday with borrowed money.

Justin Basini, chief executive of ClearScore, said: “Today’s young people share the same goals and aspirations as their parents, but they’re using more flexible ways to afford key milestones.

“This isn’t a bad thing as long as they manage this credit responsibly. Access to clear financial education is key to this.”